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Indian Indices Continue Uptrend, WPI at Four Month High, and Top Stocks in Action
Fri, 15 Sep Pre-Open | Prasheel Vartak, TM Team

On Thursday, share markets in India witnessed positive momentum throughout the day and ended on a flat note with a positive bias.

The BSE Sensex closed higher by 56 points to end at 32,242 while the broader NSE Nifty ended the day higher by 7 points to close at 10,087.

Among BSE sectoral indices, pharma index rose the most by 2.1%, followed by power stocks 0.8%. BHEL, Sun Pharma, and Tata Motors were among the top gainers.

Top Stocks in Action Today

Interglobe Aviation (Indigo) share price is likely to be in focus today after the company plans to conduct a share sale to institutional investors on today that will raise for the company and its founders as much as Rs 39.4 billion (US$616 million).

The company set a price range of Rs 1,125 to 1,175 a share for the sale of up to 33.6 million shares, comprising of 22.4 million new shares and 11.2 million existing shares. The share sale is aimed at helping the company meet minimum public holding rules.

But the funds raised will also help the airline in its significantly capital-intensive plans. IndiGo has proposed to buy national carrier Air India earlier this year. Reportedly, Indigo also recently expressed its interest in buying Jet Airways if its acquisition of Air India falls through.

Software company, Cyient Ltd will be among the stocks to watch today after the company said it will divest its 49% equity ownership in joint venture firm Infotech Aerospace Services to its partner Pratt & Whitney.

The consideration received from the transaction is US$1.8 million, post additional dividend disbursement of US$9.1 million from the cash reserves. Infotech Aerospace Services Inc (IASI), a 51:49 joint venture between Pratt & Whitney and Cyient, was set up in 2013 in Isabela, Puerto Rico.

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WPI Inflation at Four Month High

According to data released by the Central Statistics Office (CSO), retail inflation as measured by the Wholesale Price Index (WPI) rose sharply to 3.2% in August, as compared to steady rise from 1.8% in July 2017. Wholesale inflation rate, measured by the wholesale price index (WPI), is a marker for price movements in bulk buys for traders and broadly mirrors trends in shop-end prices.

The index portrays new series of WPI data released by the government earlier this fiscal, with 2011-12 as the base year, replacing existing the base year of 2004-05.

Food articles turned out to be major drivers as the data showed that prices of food articles rose by 4.4% in August on a yearly basis. Vegetable inflation stood at 44.9%.

Fuel and power segment, too rose by 9.9%, from 4.4% in July.

Global Markets Flat ahead of Economic Data

Global stock markets were more or less flat as market participants awaited US inflation data. European markets were mixed Thursday as investors assessed geopolitical developments and the Bank of England 's latest policy decision. The Bank of England held interest rates steady Thursday but said that a hike is likely to be needed in the coming months.

IPO Buzz

ICICI Lombard General Insurance Company (ILGIC) is set to offer a portion of existing paid-up equity shares worth up to Rs 57 billion in the primary market starting today.

The private insurer is among at least five insurers looking to go public, riding on a stock market rally and an increasing demand for financial assets in Asia's third largest economy. State-run general insurers - General Insurance Corp of India and New India Assurance Company - and private life insurance firms SBI Life and HDFC Standard Life have also lined up primary market offers.

ICICI Lombard is the largest private-sector non-life insurer in India, a position the company has maintained since FY04 after being one of the first few private-sector companies to commence operations in the sector in FY02. However is it worth your attention? We have analysed and reviewed the IPO and have released a recommendation note. You can check the same on the IPO page.

IPOs are all the rage in the share markets these days. With new companies listing by the day, all with promises of superior returns.

However, we don't need thousands of IPOs to get rich. That's not how super investors make their fortunes. But a few good IPOs could certainly become the multibaggers in your portfolio in a few years.

We have reviewed each of them and have released their recommendation notes. You can check the same on their IPO page.

Download this FREE report now and discover How to Get Rich with IPOs. This guide will show you how to safely profit from the 2017 IPO rush.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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Mar 16, 2018 (Close)